Because people invest in people, it is important for potential entrepreneurs to assess whether their personality and beliefs are compatible with entrepreneurship. Spending some time in the introspection stage is a good exercise and can help to minimize the odds of choosing the wrong type of business. Some critical issues that anyone contemplating a career as an entrepreneur should consider areas listed below.
- Reasons for wanting to own a business
Anyone looking at entrepreneurship solely as a way to make money should understand that there are easier, less risky ways to do so. Recall that most entrepreneurs start businesses for reasons other than for money. Although entrepreneurship is still the primary way to create wealth, it happens only when there is a viable and compelling business concept and a team that knows how to execute the concept. Starting a business is a great deal of work, so the reasons for taking on this challenge must grow out of genuine conviction.
- Physical and Emotional Condition of the Entrepreneur
Launching a new business requires tremendous amounts of time and energy, as well as a great deal of support from family and friends. During the early stages of a new venture, resources are limited and the entrepreneur must wear many hats. This is immensely stressful, so it is important that the entrepreneur be in good health and optimal physical and emotional condition. It is often said that entrepreneurs start businesses to be in charge of their lives. The reality is that after they start their own business, they find themselves working more than they ever did for someone else. The major difference is that because they are building something they own, it doesn’t feel like the work they are accustomed to. They are bringing to life to a new business that reflects their goals and values.
- Lifestyle Choice
It is important for potential entrepreneurs to think about the kind of lifestyle they are striving to achieve. Not all businesses support the kind of lifestyle that some entrepreneurs want to lead. Is travel important? Is having a large home and all the things that go with it a requirement? Is achieving a balanced life with plenty of time for family and friends important? If so, starting a business that requires a lot of travel or puts the entrepreneur at the mercy of demanding clients probably won’t provide that balanced lifestyle.
- The Business Environment
Most people spend the majority of the day at their work; therefore, it is certainly important that the work environment be an enjoyable place to be. Entrepreneurs who love the outdoors should probably not start businesses that require them to sit at a desk all day. Entrepreneurs who don’t enjoy working with people should probably not start a business that is labour-intensive or involves numerous daily interactions with the public. It is a good idea for a future entrepreneur to take a step back and contemplate his or her ideal work environment. What does this environment look like or “feel” like? What would spending a day in this environment entail?
